For a year, the Trump administration has been threatening to choke off oil sales from Iran, which it sees as an outlaw regime that destabilizes the Middle East. The White House says this time it’s serious. In nine days the U.S. will make no exceptions to sanctions — no country that imports oil from Iran will be exempt. Iranian crude exports will likely plummet. It turns out that oil markets were not expecting a no-tolerance policy. Traders are worried that tightening Iran’s spigot could leave the world with too little oil.
Click the audio player above to hear the full story.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.